Brokerages Set Rio Tinto Group (NYSE:RIO) Target Price at $73.00

Rio Tinto Group (NYSE:RIO) has been assigned an average recommendation of “Buy” from the ten analysts that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $73.00.

RIO has been the topic of several research reports. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Finally, Jefferies Financial Group decreased their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th.

Hedge Funds Weigh In On Rio Tinto Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. boosted its position in Rio Tinto Group by 63.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after acquiring an additional 195 shares during the period. Rakuten Securities Inc. raised its stake in shares of Rio Tinto Group by 74.8% during the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after purchasing an additional 211 shares in the last quarter. Mechanics Financial Corp acquired a new stake in Rio Tinto Group in the fourth quarter worth about $29,000. Golden State Wealth Management LLC bought a new position in Rio Tinto Group in the 4th quarter valued at about $47,000. Finally, Ameriflex Group Inc. acquired a new position in Rio Tinto Group during the 4th quarter valued at about $47,000. 19.33% of the stock is owned by institutional investors.

Rio Tinto Group Stock Down 1.5 %

Shares of Rio Tinto Group stock opened at $60.11 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $62.09 and a 200 day moving average price of $62.94. Rio Tinto Group has a fifty-two week low of $57.85 and a fifty-two week high of $74.24. The firm has a market cap of $75.37 billion, a P/E ratio of 9.32, a P/E/G ratio of 0.42 and a beta of 0.60.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be paid a $2.23 dividend. The ex-dividend date is Friday, March 7th. This represents a dividend yield of 7%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio (DPR) is presently 69.15%.

About Rio Tinto Group

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.